A like in kind or 1031 exchange allows you to delay paying tax on the gain you receive from selling an investment property as long as you reinvest the proceeds in a similar property as part of a qualifying like-kind exchange.
You should seek the advice of a qualified tax professional if you are interested in a 1031 exchange. You can also find more information on 1031 like in kind exchanges by visiting the IRS.
Posted in General questions.
Tagged with 1031 exchange.
By admin
– March 27, 2010
How long does a short sale take in Florida? How long does it take for a home listed for sale with a short sale contingency to receive an offer, have the seller’s lender approve the short sale price and then close? This will depend on the specific situation involved with a specific home. Short sales can take from a few weeks to many months to finally close.
Factors that determine the length of time it will take to process a successful short sale from start to finish include:
The real estate agent
- The time it takes to process a short sale can be shortened if the listing agent has experience listing and closing short sale transactions. An agent with the experience and understanding of the process could help to reduce the amount of time it takes from start to finish to close a short sale compared to an agent with little or no experience.
- Equally important to the time it takes to process a short sale is the initial listing price. Overpricing a home will result in no offers, which will delay the process.
The seller
- Sellers are a big key to the time it takes to close a short sale. A cooperative seller who provides all the necessary paperwork and documentation in a timely manner will help speed up the process. Additionally the seller of a home subject to a short sale should stay in communication with their agent, make sure the home is readily available to be shown and should keep the home in the best condition possible.
The lender
- The lender’s role is the most important to the process. A fully staffed, well trained short sale department will result in a faster turn around time and quicker approvals or the short sale request. Unfortunately there are some lenders who are just notoriously slow at processing short sale requests. To combat this the government has initiated steps to offer financial incentives to lenders who speed up the process on their end.
Other factors that impact the time it takes to close a short sale include:
- Is the home owner occupied or a second home of investment property?
- Is there more than one mortgage on the home?
- The owner of the home has indicated to their lender they are interested in modifying their loan or working out a solution that will allow them to remain in the home.
- Lost or incomplete paperwork and documentation.
Posted in Buying a home, Selling a home, Short Sales.
Tagged with questions about short sales, Short Sales.
By admin
– March 27, 2010
HOA equals Homeowners’ Association.
There are communities in Florida that have an HOA. Depending on the community an HOA could be mandatory or voluntary. There are usually monthly/yearly fees associated with being a member of an HOA .
Posted in General questions.
Tagged with HOA, homeowners association.
By admin
– March 26, 2010
I have my home listed for sale with a real estate agent. It has been on the market for several weeks without any showings. Why is no one viewing my home?
There are many different reasons why buyers are not viewing your home. You should discuss your specific situation with your real estate agents. Reasons your home has not had showings include:
- Incorrect list price
- Poor curb appeal
- Unreasonable terms or conditions
- Not listed in the multiple listing service
- No marketing
Posted in Selling a home.
Tagged with no showings, no viewing, Selling a home.
By admin
– March 26, 2010
Yes, the curb appeal of a home is extremely important when selling the home. This is the buyer’s first impression of the home and you want it to be a good first impression. You can increase the curb appeal of your home several ways including painting the exterior and paying attention to the landscaping.
Posted in Selling a home.
Tagged with curb appeal.
By admin
– March 21, 2010
The owner of the home decides on the homes asking price. A real estate agent will offer insight and suggestions that include marketing trends, recent comparables, the homes condition and location. If the owner’s asking price is unreasonable a real estate agent can decline to accept the listing.
Posted in Selling a home.
Tagged with asking price of home.
By admin
– March 21, 2010
A-Frame homes are not a common style of architecture in Florida however it is possible to find a-frame homes for sale in Florida. There are a number of home sstyles available in Florida. Contact me to find the right style for you.
Posted in Buying a home.
Tagged with a-frame homes, home style.
By admin
– March 21, 2010
There will be times when an owner will need to move from the house they are selling taking their furniture and belongings with them to a new home. Now that the home is vacant are empty homes harder to sell? This will depend on the buyer and the local market.
Having no furniture or belongings in the home could work to show all of the available space that is available to the new owner. On the other hand a home that is nicely staged with furniture will help a buyer to visualize how the home will look with their personal items and furniture. Home builders understand this and hire professional stagers to decorate their new models. When selling a home the first impression is extremely important. Having furniture and wall hangings in the home may work to make the home inviting and warm to the potential buyer making it easier to sell.
Posted in Selling a home.
Tagged with selling an empty home.
By admin
– March 21, 2010
Ingress and egress as they relate to Florida real estate means a legal way for anyone to enter and exit the real property. An owner of real Florida property should not be landlocked, they should have a legal right of access to and from the property.
Posted in General questions.
Tagged with egress, ingress, real estate questions.
By admin
– March 21, 2010
When purchasing a home in Florida buyers are encouraged to have a WDO or wood destroying organism inspection performed on the home. A wood destroying organisms inspection inspects for anything that damages or infests the seasoned wood in a home or structure.
Wood destroying organisms as identified by the State of Florida include:
- Termites
- Powder post beatles
- Old house borers
- Wood decaying fungi
Posted in Buying a home.
Tagged with termites, wdo inspection, wood destroying organisms.
By admin
– March 21, 2010
